IFRS And GAAP Accounting Quiz: Test
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- 1.IFRS and US GAAP generally agree with their overall framework and purpose, but which body requires users to consider the framework in the absence of a specific standard?
- A.
US GAAP only
- B.
IFRS only
- C.
Both IFRS and US GAAP
- 2.Which body distinguishes between objectives for the business and non-business entities?
- A.
IFRS
- B.
US GAAP
- 3.What are the two main financial reporting standard-setting bodies?
- A.
IFRS and US GAAP
- B.
IASB and FASB
- C.
SEC and FSA
- 4.Which framework gives more emphasis on the importance of accrual and going concern assumptions?
- A.
FASB (US GAAP)
- B.
IASB (IFRS)
- 5.A company reporting under standards other than US GAAP that trade in US markets MUST reconcile their statements with US GAAP.
- A.
True
- B.
False
- 6.Which body allows extraordinary items?
- A.
IFRS only
- B.
US GAAP only
- C.
Both
- 7.Extraordinary items are not expected to continue in future periods.
- A.
True
- B.
False
- 8.Under US GAAP, dividends paid are
- A.
Operating Cash Flows
- B.
Investing Cash Flows
- C.
Financing Cash Flows
- D.
A or C
- 9.Under US GAAP, dividends received are
- A.
Operating Cash Flows
- B.
Investing Cash Flows
- C.
Financing Cash Flows
- D.
A or B
- 10.Under US GAAP, interest paid or received is what type of cash flow?
- A.
Operating
- B.
Investing
- C.
Financing
- D.
It depends on whether the interest is paid or received
- 11.In some cases, interest can be an investing or financing cash flow under US GAAP
- A.
True
- B.
False
- 12.Under US GAAP, dividends received can be considered financing cash flows.
- A.
True
- B.
False
- 13.Under US GAAP, dividends paid are operating cash flows
- A.
True
- B.
False
- 14.Under IFRS, dividends paid are reported as what type of cash flow?
- A.
Operating only
- B.
Financing only
- C.
Investing only
- D.
Operating or Financing
- E.
Operating or Investing
- F.
Financing or Investing
- 15.Under IFRS, interest paid is reported as what type of cash flow?
- A.
Operating only
- B.
Financing only
- C.
Investing only
- D.
Operating or Financing
- E.
Operating or Investing
- F.
Financing or Investing
- 16.Under IFRS, interest received is reported as what type of cash flow?
- A.
Operating only
- B.
Financing only
- C.
Investing only
- D.
Operating or Financing
- E.
Operating or Investing
- F.
Financing or Investing
- 17.Under IFRS, dividends received are reported as what type of cash flow?
- A.
Operating only
- B.
Financing only
- C.
Investing only
- D.
Operating or Financing
- E.
Operating or Investing
- F.
Financing or Investing
- 18.Under IFRS, taxes paid are always operating cash flows.
- A.
True
- B.
False
- 19.Under both IFRS and US GAAP, research costs are expensed as incurred. But under which body are the development costs capitalized?
- A.
IFRS
- B.
US GAAP
- C.
Both A and B
- 20.Component depreciation, a method in which significant parts of an asset are identified and depreciated separately, is required under what body?
- A.
IFRS
- B.
US GAAP
- C.
Both A and B
- D.
Neither body requires component depreciation
- 21.Which body gives firms the option to revalue assets based on fair value under the revaluation model?
- A.
IFRS
- B.
US GAAP
- 22.Which body uses UNDISCOUNTED cash flows to determine whether or not an asset is impaired?
- A.
IFRS
- B.
US GAAP
- C.
Both A and B
- 23.Under *******, an asset is impaired when its carrying value exceeds the recoverable amount. The recoverable amount is the greater of fair value less selling costs and the value in use (PV of expected cash flows).
- A.
IFRS
- B.
US GAAP
- C.
Both A and B
- 24.Under *******, an asset is impaired if its carrying value is greater than the asset's undiscounted future cash flows.
- A.
IFRS
- B.
US GAAP
- C.
Both A and B
- 25.Under IFRS, if an asset is impaired, it is written down to:
- A.
The recoverable amount
- B.
Fair value
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